Zheng Quan Shi Bao·2025-07-03 01:56Core Viewpoint - The article discusses the recent updates in credit ratings for convertible bonds, highlighting that while most ratings remain unchanged, some have been downgraded due to deteriorating company fundamentals, including losses, increased debt pressure, and worsening credit conditions [1][2]. Summary by Sections Credit Rating Updates - A total of 72 convertible bonds have updated their ratings this year, with 65 bonds maintaining their previous ratings, accounting for 90.28% [1]. - Seven convertible bonds have experienced downgrades, including Dongshi Convertible Bond, Fumiao Convertible Bond, and others, primarily due to continuous losses and increased debt pressure [2]. Specific Cases of Downgrades - Fumiao Convertible Bond's credit rating was adjusted from A+ to A due to the company's declining profitability and rising debt levels, with a significant increase in total liabilities expected by the end of 2024 [2]. - Dongshi Convertible Bond's rating was downgraded from B to CCC, indicating a rise in credit risk for the issuing company [3]. - Puli Pharmaceutical's credit rating was downgraded from BB to B+ following the termination of its stock and convertible bond listings due to significant financial discrepancies [3][4]. Market Impact and Risk Assessment - The overall credit risk exposure in the convertible bond market has influenced investors' risk assessments, although recent market recovery has alleviated some concerns [5]. - Historical data indicates that abnormal exits of convertible bonds are often linked to the issuing company's circumstances, with risks associated with both stock delisting and repayment pressures [5][6].